Property Manager MA: Why some won’t go for Home ownership?

 

Property Manager MA

Property Manager MA: Why some won’t go for Home ownership?

Owning a home tends to be more affordable in the long term plus you end up owning the home. Yet there are some who make a lot more money because they switched from owning to renting. They managed that by using all down payment money and the money which goes towards mortgages, taxes, insurance etc and investing it in other ventures. They managed to rent and still make a good amount of money.

Experts say that home ownership in the US has been hovering around 65 percent for the past three decades.  Several people are not going for homes as they don’t want to settle down or take a big gamble. It is a hassle finding a place, making the mortgage payments and then having to move again. This also means having to invest more time in selling the place or renting it out to pay off the mortgage. If not, then it means sticking to one place for a long time and having to pay off the mortgage.

Property Manager MA: Low Income 

This is also a problem for people with low-income as they can’t afford the cost of home ownership. Plus, the subsidies which are supposed to help them end up hurting them more than they help. For those people who have lost a job, it makes more sense for them to move to a place where they can get a job instead of relying on savings. They can’t use their savings as it will be a problem for them as they will take a financial hit.

Equity

The key is to stay strong able to get equity in the home, is what makes home ownership ideal. There is no use going for a mortgage if there is no equity in the property faster. Mortgages these days are a problem as they have a lot of interest on it. This means that the homeowner is paying more in interest, than they are paying in equity for the house. It is practically the same as renting a property.

Interest and property taxes can be deducted but only if they are itemizing their deductions. Plus, it only makes more sense in the early years of home ownership as the interest on the mortgage payments are higher. It helps to get some deductions there as the equity is the least.It was easier for people in the past to get mortgages and get equity as they actually lived in the home for the said period.

We hope you liked our post “Property Manager MA: Why some won’t go for Home ownership?”

This entry was posted in Boston Property Management and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>